29 Jun '15, 11pm

Bitcoin accused of wasting shocking amount of electricity

Bitcoin accused of wasting shocking amount of electricity

Bitcoin accused of wasting shocking amount of electricity Published time: June 29, 2015 23:04 Get short URL Reuters/Benoit Tessier Tags Bitcoin , Ecology , Energy , USA It may be an alternative to fiat currencies and traditional banking, but Bitcoin is using up entirely too much electricity. One critic claims the online crypto-currency uses 5,000 times more power per transaction than VISA and is not sustainable. According to the calculations by Christopher Malmo, writing at Vice’s blog Motherboard, “a single Bitcoin transaction uses roughly enough electricity to power 1.57 American households for a day.” Citing estimates by the computer cooling firm Allied Control, Malmo says the total power consumption of the Bitcoin network is anywhere from 250 to 500 Megawatts (MW). Taking into account the total number of calculations the network can perform per second (hashrate) and th...

Full article: http://rt.com/usa/270550-bitcoin-energy-hog-critics/

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